The Canada Revenue Agency prescribed rate will remain unchanged at 3 per cent for the third quarter of 2026, the fifth consecutive quarter the rate has held steady. It will be in effect from July 1st, 2026 to September 30th, 2026. As noted in a previous blog, the CRA’s prescribed rate is “used to calculate […]
Always read the fine print. It’s a rule of thumb that can help mitigate risk and avoid a plethora of financial challenges, at least for those who choose to follow it. That advice could apply to a measure proposed (and since passed) in the 2026 Ontario Budget, which reduces the Ontario small business corporate income […]
When Mark Carney came to power in March 2025, the Liberal party’s continued minority status in Parliament necessitated compromise with the opposition parties to ensure passage of key legislation such as budget bills. But a funny thing happened about a year later: a series of MP floor crossings and three by-election wins delivered a majority […]
For the fourth consecutive quarter, the Canada Revenue Agency prescribed rate will hold steady at 3 per cent. The rate will be in effect for the second quarter of 2026, from January 1st to March 31st, 2026. The prescribed rate is “used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans.” Entrepreneurs […]
We’re pleased to announce that Jeff Manoff has been promoted to Director, Accounting and Assurance, effective January 1st, 2026. Since joining KRP LLP in 2013, Jeff has consistently demonstrated exceptional dedication, a strong work ethic and a commitment to quality. He has delivered trusted accounting, audit, and advisory services to clients across sectors including construction, […]
The Canada Revenue Agency prescribed rate for the first quarter of 2026 will remain at 3 per cent. The rate will be in effect from January 1st to March 31st, 2026. This will mark the third consecutive quarter that the prescribed rate has held steady. As noted in our ongoing updates, the prescribed rate is “used […]
Individual Canadian investors and Canadian businesses with U.S. assets are breathing at least a tentative sigh of relief today. At the Trump administration’s request, U.S. Senators appear to have agreed to remove the contentious Section 899 from the One Big, Beautiful Bill Act, the tax and spending legislation currently before Congress. While this is a […]
The recent federal election campaign featured the usual policy one-upmanship among party leaders who made competing pledges covering everything from social program spending to tax cuts. One of Prime Minister Mark Carney’s signature platform planks was a middle class tax cut. Last week his Liberal government tabled a Notice of Ways and Means motion in Parliament […]
The Canada Revenue Agency has announced the prescribed rate for the third quarter of 2025, with welcome news for affected taxpayers. The rate on loans to family members—which is in effect from July 1st, 2025 to September 30th, 2025—will decrease to 3 per cent from 4 per cent, its lowest level since the fourth quarter […]
The Canada Revenue Agency recently announced the prescribed rate for the second quarter of 2025—the period from April 1st, 2025 to June 30, 2025. The rate, which is based on the three-month average of Government of Canada Treasury bill yields, will remain unchanged at 4 per cent for the second straight quarter. As outlined in […]
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